High inflation makes for a hard road ahead

October 6, 2022, Opinion: "With inflation sustained at high levels in some countries and having increased sharply in others, the outlook for the global economy is  dimmer than it was last spring, according to the analysis presented at the PIIE semiannual Global Economic Prospects for Fall 2022. Global economic growth is projected to step down, with the brisk gain of 5.8 percent in 2021 to be followed by increases of 2.9 percent in 2022 and 1.8 percent in 2023. Tighter monetary policy is the primary driver of the projected global slowdown, but direct effects of the energy-price shock from the war in Ukraine and weaker prospects for China are contributing factors."